Apple's  (AAPL) highly anticipated iPhone 8 will cross the $1,000 barrier, which will send Apple's stock soaring, Goldman Sachs analysts said in a note Friday. 

The firm raised its Apple price target to $170 from $164, representing a 10% potential upside from the stock's closing price Thursday. 

"We think the higher demand for the larger (5.8") form factor will be supported by the fact that the iPhone 8 will have compelling new features not available in the smaller form factors," Goldman analyst Simona Jankowski wrote. 

The firm raised its fiscal 2018 and 2019 earnings expectations based on the expected performance of the phone. 

Jim Cramer and the AAP team are discussing fallout from first-quarter earnings from Apple and Facebook (FB) and how to play the big tech names. Get his insights or analysis with a free trial subscription to Action Alerts Plus.

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